Quarterly report pursuant to Section 13 or 15(d)

Common Stock

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Common Stock
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Common Stock

10. Common Stock

On March 16, 2015, in connection with and in furtherance of the new equity based award program (see Note 4), the Board approved the award of 40,000 restricted shares of Company common stock to each of the Company’s non-employee directors, Frederick Telling, Charles Pope, Alan Dunton, Christine Koski and Robert Koski under the Company’s 2012 Plan of which a total of 30,000 restricted shares have vested on September 30, 2105 for each non-employee director and the remainder will vest at the end of each calendar quarter in 2015 provided the recipient remains a director through the vesting date. The awards are considered issued and outstanding as of the date of the grant and are eligible to be voted by the recipient. The Company has $66,000 in unrecognized compensation expense relating to these awards that will be recognized pro-rata through the remainder of 2015. On August 3, 2015, Griffin Securities Inc. exercised 185,585 of their previously issued warrants on a net issuances basis resulting in the issuance of 98,592 shares of our common stock.